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A recent resurgence in Russian ECM has gathered pace with the announcement of two IPOs in London and the US, as oligarchs seize the opportunity of a better equity window. Rustranscom (RTC), the Russian freight transportation company, joined this wave after it filed paperwork for a London listing of global depository receipts on Monday evening.

Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

The final text of the Covered Bond Directive offers the opportunity for issuers and regulators to secure covered bonds by a wider range of assets than currently permitted. Bankers said on Tuesday that the wording strikes a good balance that provides flexibility for innovation while also protecting the product’s credit quality.

Blowout books helped NIBC Bank crank in the pricing by 50bp for its first ever non-preferred senior transaction on Tuesday, with the Dutch lender eyeing a ratings upgrade as a result of its work to build out a stack of debt for the minimum requirement for own funds and eligible liabilities (MREL).

The Slovak Republic kick-started its 2019 international bond issuance on Tuesday, printing a €1bn 11 year, drawing a book of over €5bn. It paid a “minimal” new issue concession, according to lead managers.

The Bloomberg Barclays Global Aggregate Index started phasing in Chinese government bonds (CGBs) and policy bank bonds on Monday. While global investors anticipated a new era for the Chinese bond market, onshore bankers insisted change would not happen overnight.

Network International, the Dubai-based payments company listing in London, was covered throughout its price range on its first day of bookbuilding on Monday. It built on a surge of momentum after it announced US firm Mastercard as a cornerstone investor in its IPO in March.

SSE, the UK gas, electricity and telecoms company, has refinanced its £1.3bn revolving credit facility, joining the growing trend of companies linking the margins on their bank debt to sustainability indicators.

Banca Carige has sold one of its outstanding covered bonds back into the market as the ailing Italian lender comes into a crucial period for turning its business around and attracting buyout bids.

Turkey’s ruling party AK was victorious in Sunday’s local elections, although polling poorly in major cities — a result that investors think will hasten economic reform.

A senior director in the capital markets funding team at a German agency has left to join UniCredit’s FIG team in Munich, GlobalCapital understands.

Participants in the financial institutions bond market were bewildered to see Coventry Building Society paying up to issue a new additional tier one and tender for an old one this week. But the transaction gave other issuers a window into how European rules on bank capital may be applied in practice — something that could pave the way for new and more liberal approaches to calling and refinancing AT1s, writes Tyler Davies.